HOUSTON — PCCP LLC, a real estate finance firm with offices in New York and California, has provided a $72 million loan for the refinancing of Millennium High Street, a 340-unit apartment community in Houston. The Class A property features 26,000 square feet of ground-floor retail space and offers amenities such as a fitness center, yoga studio and a dog park, as well as a pool and spa. The borrower was a partnership between The Dinerstein Cos. and Coventry Real Estate Advisors.
LUBBOCK, TEXAS — Atlanta-based REIT Preferred Apartment Communities Inc. (PAC) has purchased The Bloc, a student housing community serving Texas Tech University in Lubbock. The property totals 556 beds across 140 units. Amenities include a rooftop lounge, pool with cabanas, tanning rooms, outdoor grilling areas, fitness center, coffee bar and private study rooms. The seller was not disclosed.
BROOKSHIRE, TEXAS — Houston-based Welcome Group has broken ground on a 137,434-square-foot industrial facility and new headquarters for multinational diesel engine manufacturer MAN Energy Solutions in Brookshire, about 40 miles west of Houston. The facility will be located within the new, 650-acre Twinwood Business Park and will be able to house more than 140 employees. Approximately a quarter of the square footage will be office space.
MANOR, TEXAS — Addison, Texas-based RightQuest will develop Flats at ShadowGlen, a 248-unit multifamily community in Manor, about 12 miles northeast of Austin. The property will feature a pool, fitness center, clubhouse with a media center and a dog park. Cross Architects is handling design of the project, which is expected to deliver in summer 2019. Scott LaMontagne and Michael Gonzalez of JLL brokered the sale of the 12 acres on which the development will be situated.
MESQUITE, TEXAS — The City Council of Mesquite, an eastern suburb of Dallas, has approved the development of The Verde Center at Peachtree, a $250 million medical campus and mixed-use development. Minneapolis-based Ryan Cos. USA Inc., along with several partners, will develop the 60-acre project, the first phase of which will deliver 600,000 square feet of medical inpatient, outpatient and office space. Later phases will feature a 25-acre amenity center with walking trails and a fitness center. Other elements of the project will include a hotel and conference center and a senior living community. Construction of Phase I is expected to commence by mid-2019.
LEWISVILLE, TEXAS — A partnership between New Jersey-based investment firm Lamar Cos. and Real Capital Solutions has acquired Shops at Vista Ridge and Vista Ridge Plaza, two adjacent retail centers totaling approximately 292,000 square feet in Lewisville, a northern suburb of Dallas. Retailers at the properties, which the new ownership sees as value-add investments, include Bed, Bath & Beyond, DSW, Burke’s Outlet and Pier 1 Imports. Disney Investment Group brokered the sales of the properties.
HOUSTON — HFF has placed a $48.5 million loan for the refinancing of CITYCENTRE Five, a 201,437-square-foot office building in Houston. The property is located within a 50-acre mixed-use development that includes three apartment communities and a 265-room hotel. Colby Mueck of HFF arranged the loan through New York Life Real Estate Investors on behalf of Midway Cos., a Houston-based development and management firm.
SOUTHLAKE, TEXAS — New York-based Meridian Capital has arranged a $23.2 million CMBS loan for Cedar Ridge Office Park, a 129,000-square-foot office property in Southlake, a northern suburb of Fort Worth. The two-building development was built in 2005 and 2007 and offers a total of 538 parking spaces. Allan Lieberman, Steven Adler and Simcha Schick of Meridian Capital arranged the 10-year loan on behalf of the borrower, Connecticut-based TS Partners.
THE WOODLANDS, TEXAS — Howard Hughes Corp. will develop a 386-unit apartment community in The Woodlands, located about 30 miles north of downtown Houston. The lakefront property, which will offer one-, two- and three-bedroom units, will feature ground-floor retail and restaurant space. Amenities will include a pool, fitness center, yoga room, sky lounge on the top floor and free kayaks and bikes for resident use. Construction is expected to be complete by spring 2020.
SPRING, TEXAS — A joint venture led by Patrinely Group has broken ground on CityPlace 1, a 149,600-square-foot office building in Spring, a northern suburb of Houston. The property will include 26,900 square feet of retail space and a parking structure that will be delivered as part of the project, which is slated for a second-quarter 2019 completion. Other developers in the joint venture include San Antonio-based USAA Real Estate and CDC Houston
